Chevron plans to fund Venezuela expansion from local venture cash

Chevron ($CVX) plans to fund its proposed $7 billion expansion in Venezuela entirely from cash generated by its existing local joint ventures, rather than bringing in outside cash, its chief executive told an energy conference. The expansion targets output of roughly 600,000 barrels per day by 2031.

The comments clarify financing for a previously announced project; they are not a new $7 billion investment decision. Management also warned that depleted global crude buffers leave oil-price risks tilted upward. That assessment is a forecast, not a certainty.

Sources:

• Reuters — Venezuela funding and oil-market comments